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Income Taxes | 9 Months Ended
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Jun. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s consolidated effective income tax rate for the three months ended June 30, 2017 was 30.4%, a decrease from 31.0% for the corresponding period last year. This decline was mainly attributable to increased year over year benefits from favorable changes in geographic income mix. On a comparative basis, the favorable impact of these changes in geographic mix was partially offset by the absence of net favorable rate impacts in third quarter fiscal 2016 relating to discrete tax items consisting of 1) a favorable income tax reserve release of $4.5 million due to the expiration of statute of limitations, 2) a $5.7 million benefit related to an amended tax return to claim additional benefits for foreign tax credits and a US IRC section 179D deduction, and 3) an offsetting unfavorable $8.8 million in return to accrual adjustments. The Company’s consolidated effective income tax rate for the nine months ended June 30, 2017 increased to 29.2% up from 26.5% for the corresponding period last year. The primary driver contributing to the year over year increase was the absence of an $11.2 million valuation allowance release in the first nine months of fiscal 2016 pertaining to certain foreign net operating losses, as well as the absence of the third quarter fiscal 2016 discrete items mentioned above. The unfavorable comparative impact of these items were offset in part by favorable changes in geographic income mix during the nine months fiscal 2017 and a $3.3 million favorable benefit of nontaxable income received by a foreign affiliate in second quarter fiscal 2017. The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the Netherlands, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. It is reasonably possible that, during the next 12 months, we may realize a decrease in our uncertain tax positions of approximately $11.0 million as a result of concluding various tax audits and closing tax years.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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